Brian St.Clair

Realtor ABR CDPE CLHMS E-PRO GRI PSA

Market Updates

DFW Market Update for November 1, 2017

11/1/2017
11/1/2017
It's time for my monthly update on the DFW market and my take on what's happening.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

385 New Listings
443 Price Decreases
396 Homes went into Option Contract
459 Homes went into Pending Status
586 Homes Sold
Currently in Tarrant County we have approximately 3,792 homes actively for sale. Price point breakdown:

$0-$100k       86 Active
$100-200k    641 Active
$200-300k  1157 Active
$300-400k    704 Active
$400-500k    370 Active
$500-600k    226 Active
$600-750k    195 Active
$750-1 Mil    181 Active
Over 1 Mil     228 Active
My Analysis:
Happy November! October was a busy month for most professional Realtors in DFW. In Tarrant County, our average sales price dropped slightly to just under $260,000 which is down from the high of $278,000 back in July. Good news for buyers! New listings are following the seasonal trend of dropping off in the fall. We expect the spring to bring back the sellers. Month's of Inventory has remained the same since September, 2.1 month's supply. Average days on market is climbing slightly since July (which is to be expected with lower inventory).
The number of homes for sale had a slight shift from the norm in October: Usually inventory slides steadily from July through late January/early February, but this year we saw a slight increase in the number. Which means there are more choices for buyers!

If you are a buyer or seller in the North Texas area, you should heavily rely on your professional Realtor's advice and expertise to show you how these numbers affect you in today's market. Every macro market (or neighborhood) can be different, so it's important to find a Realtor that understands your market to give you the best advice for your personal situation.

I hope this information is helpful to you! Please reach out to me if you need an expert in your corner!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI, PSA
www.brianstclair.com
(817) 725-3008
*Each office independently owned and operated*

DFW Market Update for October 6, 2017

10/6/2017
It's time for my monthly update on the DFW market and my take on what's happening.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

499 New Listings
500 Price Decreases
417 Homes went into Option Contract
490 Homes went into Pending Status
599 Homes Sold
Currently in Tarrant County we have approximately 3,935 homes actively for sale. Price point breakdown:

$0-$100k       93 Active
$100-200k    652 Active
$200-300k  1229 Active
$300-400k    709 Active
$400-500k    371 Active
$500-600k    242 Active
$600-750k    199 Active
$750-1 Mil    181 Active
Over 1 Mil     252 Active
My Analysis:
September has seen the buyers come back to the market in our area. Even though homes sales have not increased much at least they are holding steady. Nationwide, it's being reported that sales are down about 6%. Months of inventory is holding steady.

I'm still watching the Closed Price to Original Price ratio. The ratio is still dropping slightly month over month. Currently, our ratio is 97.9%. Not significantly lower than last month, but the trend is showing that home prices are decreasing slightly.

Days on market is increasing. From the 2017 low point of 26 days on market in July, we are now up to 31 days. It is still not uncommon for a home to sell quicker than that depending on the neighborhood and price point of the home.

Interest rates remain around 4% which is still a very good rate to borrow money. Personally, I have quite a few more buyers this month than last month.

I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI, PSA
www.brianstclair.com
(817) 725-3008
*Each office independently owned and operated*

DFW Market Update for August 31, 2017

8/30/2017
It's time for my monthly update on the DFW market and my take on what's happening.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

522 New Listings
554 Price Decreases
478 Homes went into Option Contract
607 Homes went into Pending Status
616 Homes Sold
Currently in Tarrant County we have approximately 3,969 homes actively for sale. Price point breakdown:

$0-$100k      103 Active
$100-200k    664 Active
$200-300k  1164 Active
$300-400k    760 Active
$400-500k    384 Active
$500-600k    240 Active
$600-750k    207 Active
$750-1 Mil    197 Active
Over 1 Mil     251 Active
My Analysis:
August has been a very interesting month for the DFW home market. Inventory has gone up slightly since the end of July while home sales have remained steady. Months of inventory increased from 2.1 in May to just over 3.1 as of today. The number of active listings (of Single Family Residential homes) has been steadily increasing since February and we now have over 3900 available.

One statistic that I'm watching is the Closed Price to Original Price ratio. During the months of April through July, the average ratio for this statistic was at 100% of list price. Since the beginning of August, that ratio has dropped to 99.3%. Not an astounding lowering of home prices, but something to watch as we go into the fall.

The Days on market statistic is still very strong with the average home being on the market around 27 days before selling. This number is up slightly from the all time low of 24 days which was set in June of 2017. Depending on the area/neighborhood that a home is located in, this number will very greatly. Some areas are still selling with 5-7 days, while others are taking 60 days or longer.

I think that it is likely that the extreme seller's market that we've been in for the past few years is leveling off some. With so many new and improved loan products in the Mortgage market, we should begin to see many more buyers come back to the market and those buyers will have a much better selection of homes to choose from with the expanded inventory.
Sellers should still expect for prices to remain fairly steady over the next few months. Some sellers may be expecting their home to sell in a few days (like we saw in the spring), but I don't think that's as likely to happen in our current market. Lower priced homes (under the $250k mark) may still see quicker sales than the higher end homes.


Sellers (in most of the Tarrant County areas/neighborhoods) should be expecting about 30-45 days on the market. They should also expect for their home to sell near or very near their list price (if the property is priced correctly for the market). Sellers that over-price their homes should expect very little showing activity and will eventually have to reduce their sales prices to lower than market value to attract buyers.

Now is the time to have a professional Realtor in your corner. Pricing your home properly in today's market is the most important decision that you will make to ensure a successful closing.

All in all, it's still a great time to buy or sell in DFW!

I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI, PSA
www.brianstclair.com
(817) 725-3008
*Each office independently owned and operated*

DFW Market Update for August 2, 2017

8/2/2017
I wanted to give you a quick update on our Dallas/Fort Worth market and fill you in on what I'm seeing from my side.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

609 New Listings
584 Price Decreases
515 Homes went into Option Contract
625 Homes went into Pending Status
833 Homes Sold
Currently in Tarrant County we have approximately 3,975 homes actively for sale. Price point breakdown:

$0-$100k        91 Active
$100-200k    616 Active
$200-300k  1115 Active
$300-400k    739 Active
$400-500k    447 Active
$500-600k    261 Active
$600-750k    215 Active
$750-1 Mil    216 Active
Over 1 Mil     267 Active
My Analysis:
Welcome to late summer in North Texas! Many people are going on vacation or getting ready for school (which starts in about three weeks for most districts in our area). We usually see quite a few closings right at the end of July (which we did), so we are following the trends from past years. If past years are a good indicator, it could be a very busy fall this year.

Many home sellers have been placing their homes for sale this summer. In fact, we saw the active listings in Tarrant County rise from around 2600 in mid-May to right around 4000 here at the beginning of August. It is also fairly common for homes that have been on the market for a little while during the summer to begin to reduce their list price to attract active buyers. After school begins in mid-August, the price decreases don't usually continue for very long. As a matter of fact, home prices trend up beginning in September. If you are considering selling your current home, it is still a very good time to be in the market.

Builders are very busy in our area and they tend to be leaders on where our market is going in the near future. Currently, we have 574 homes listed by builders in Tarrant County. This would be considered a normal to high amount of homes for builders. Good weather during the summer and stabilization of building materials pricing have contributed to a favorable season for the builders. Most builders also have a "Spec" inventory that is not listed in the MLS, so their current availability is probably slightly higher than 574 homes.

Mortgage rates are solid in the low 4's. We are expecting many buyers to come back into the market by the fall. Those buyers that were disappointed in the spring by rising home prices and stiff competition should find a more friendly market when they return. Now is a good time to get your pre-approval completed with a lender if you haven't already done so.
I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI, PSA
www.brianstclair.com
(817) 725-3008

DFW Market Update for June 30, 2017

6/30/2017
I wanted to give you a quick update on our Dallas/Fort Worth market and fill you in on what I'm seeing from my side.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

563 New Listings
476 Price Decreases
562 Homes went into Option Contract
633 Homes went into Pending Status
650 Homes Sold
Currently in Tarrant County we have approximately 3,700 homes actively for sale. Price point breakdown:

$0-$100k        81 Active
$100-200k    478 Active
$200-300k  1015 Active
$300-400k    725 Active
$400-500k    420 Active
$500-600k    259 Active
$600-750k    219 Active
$750-1 Mil    221 Active
Over 1 Mil     282 Active
My Analysis:
Typically, April/May/June are 3 of the strongest months for home sales. Many buyers are willing to pay more than list price to get a home in these months. I often see my listings sell within the 1st 2-5 days of being on the market during the spring. 

It is not uncommon to see a lot of homes come on the market during June. Many people wait until school is out (end of May/early June) to list their homes for sale. While this increases our inventory, the days on market begins to get longer because buyers have more choice of what they want to buy (still very dependent on what area the home is located). 

As summer progresses, it is normal for list prices to come down slightly. The summer is, of course, vacation season for a lot of people, so we see quite a few ebbs/flows of the number of closings during the summer. Some weeks will be very HOT and some will be not.
Some stats that I've seen tell us that as many as 117 people per day are moving to Tarrant County. The other counties in our area are seeing similar growth rates. With a great economy and still great "bang for your buck", it's no wonder that so many people are coming to our area. But this also puts incredible pressure on the real estate market. Builders are building as fast as they can but it is still a 6-9 month progression to build a home.

Mortgage rates are continuing to be solid around 4%. New lending laws are coming into effect later this summer that will allow many more people to become buyers. Previously, a buyer had to count any student loan debt against their debt-to-income ratio. That will be going away soon. This will allow a great number of people to qualify for a mortgage that could not qualify before. Maybe you or someone that you know is in this category? Call me and let's discuss!
I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI
www.brianstclair.com
(817) 725-3008
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